HFF arranges $31 million refinancing for Class A office in Miami’s Dadeland submarket
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $31 million refinancing for Dadeland Centre I, a 130,000-square-foot, Class A office property in Miami, Florida.
HFF worked on behalf of the borrower, The Green Companies, to secure the 10-year, fixed-rate loan through New York Life Real Estate Investors.
Dadeland Centre is located at 9155 South Dadeland Boulevard adjacent to the Dadeland South Miami Metrorail Station providing access to downtown Miami and as far north as Palmetto. The property is highly visible from the Palmetto Expressway, and is close to US 1, the Dadeland Mall, Baptist Health Cancer Facility, Miami International Airport and Coral Gables. Completed in 2001, Dadeland Center I is 95 percent leased to tenants including Symantec, Ingham & Company and Eastman Chemical. The property features hurricane resistant glass, nine-foot ceilings, 400 covered parking spaces, and skyline and water views. A $500,000 renovation to the property’s interior is currently underway.
The HFF debt placement team representing the borrower was led by senior managing director Paul Stasaitis and associate director Jose Carrazana with additional support from real estate analysts Maxx Carney and Cecily Nazario.
“Capital providers held a very positive view of this loan request, essentially for many of the same reasons tenants enjoy a presence at the property, including a highly desirable transit-oriented location, dedicated hands-on ownership/management, and high-level building quality,” said Stasaitis.
About The Green Companies
As one of Miami’s oldest real estate development and management firms, The Green Companies is a “best-in-class” sponsor with a long-term ownership philosophy and has built a reputation throughout the real estate community as one of the area’s most skilled operators and prolific developers of high quality real estate assets. With over 60 years of experience and more than two million square feet of highly successful office and mixed-use projects to their name, including Datran I and II, Dadeland Centre I and II, The Towers of Dadeland, and The Greenery Mall.
The Green Companies negotiating team was led by James Bernstein, Brian Bernstein and Elizabeth Green.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $41 billion in assets under management as of March 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.